Author: Ogochukwu Ndubuisi

NNPC Affirms Huge Opportunities Abound in Nigeria’s Energy Sector The Nigerian National Petroleum Company Limited (NNPC Ltd), has called on international investors to tap into the huge opportunities in the nation’s energy sector. Group CEO of NNPC Ltd, Mr Bashir Ojulari made the call while fielding questions from NBC’s Hala Gorani, during the Energy Talk segment of the Gastech Exhibition and Conference, taking place in Milan, Italy. Ojulari, in a statement in Abuja by Andy Odeh, Chief Corporate Communications Officer, NNPC Ltd., commended President Bola Tinubu for improving Nigeria’s investment climate and positioning the country as the preferred investment destination…

EU Court Annuls Approval of Hungarian Nuclear Subsidies The European Court of Justice (ECJ) on Thursday annulled the European Commission’s decision to approve Hungarian state aid for the construction of two new nuclear reactors at the Paks power station. The EU’s highest court ruled that the Commission should have assessed not only EU state aid rules but also compliance with EU public procurement laws. This decision overturns a previous ruling by a lower EU court, which had dismissed Austria’s legal challenge against the subsidies approved in 2017. With the ruling, the future of the Paks nuclear expansion project is now…

Zenith Bank, GTCO Boosts Intraday Momentum in Equity Market Zenith Bank, GTCO, Guinness Nigeria and other early risers are currently driving the Nigerian Exchange (NGX) All share index higher during the intraday trading session on Thursday. The local bourse has maintained uptrend as investors who had sell down interest are beginning to re-enter positions in an undervalued listed companies stock. The stock market closed with more than N360 billion increase in equity portfolio value on Wednesday, supported by activities of buy side investors who spotted value in a dark end. Stockbrokers told MarketForces Africa the gain is not significant enough…

Tinubu Orders FEC Committee to Crash Food Prices President Bola Tinubu has ordered a Federal Executive Council (FEC) committee to further crash prices of food items across the country. The Minister of State for Agriculture and Food Security, Sen. Sabi Abdullahi stated this on Wednesday in Abuja, while presenting a paper at a one- day capacity building workshop for journalists covering the Senate. Abdullahi said the president’s order would be enforced to further crash prices of food items by ensuring the safe passage of products through various routes across the country. He emphasised that the committee’s action was aimed at…

Money Market Rates Diverge as System Liquidity Fluctuates The money market rates diverged as the open repo rate declined by 8 basis points to settle at 26.42%, whilst the overnight lending rate inched up by 4 bps to reach 26.96% on Wednesday. The financial system liquidity reduced to ₦1.48 trillion from ₦1.52 trillion in the previous session. Market analysts notice that the absence of funding pressure has eased local banks’ borrowing from the Central Bank. Nigerian banks’ placements into the standing deposit facility of the Apex Bank, however, declined by 4% to ₦1.70 trillion yesterday—reflecting fluctuating liquidity conditions. With no…

Nigeria Customs to Commence 2nd Stage of Recruitment Sept. 14 The Nigeria Customs Service (NCS) says it will start the second stage of its recruitment exercise from Sept. 14 to Sept. 21. NCS’s spokesman, Abdullahi Maiwada, made this known in a statement on Wednesday in Abuja. Maiwada said that the exercise would be conducted through an online Computer-Based Test (CBT), reflecting the service’s commitment to transparency, accessibility and fairness in the selection process. He said that the service received 573,523 applications during the first phase of its recruitment exercise , after it advertised a total of 3,927 vacancies on December…

Equities Investors Gain N360bn as Cement, Oil Stocks Rally Equities investors gained as their portfolio value increased by N360 billion, supported by price appreciation in cement and oil stocks on Wednesday. Data from the Nigerian Exchange (NGX) showed that key performance indicators grew by 0.41 per cent amid increased buying interest and bargain hunting. The uptrend was driven by strong buying interest in medium and large-capitalised stocks such as Chellaram, FTN Cocoa Processors, Berger Paints, Sunu Assurances, Livestock Feeds and 33 other sticks. Other risers include WAPCO (+6.71%), DANGCEM (+1.50%) and ARADEL (+3.68%). As a result of the rally, market…

Excess Liquidity in Banking System Tightens Short-Term Rates Excess liquidity level in the banking system has continued to tighten short-term benchmark interest rates movement in the money market. Interbank rates were relatively lower, reflecting the surplus liquidity position experienced since last week. Despite this, the Central Bank has not conducted open market operation as anticipated, leaving excess liquidity to continue to flow. Investment firm said the market saw limited activity with rates holding steady at 26.5%. The short term benchmark interest rates, a gauge for money market indicators were lower in the absence of significant funding pressure. Banks borrowing activities…

NCC, Stakeholders Move to Build Indigenous Telecom Workforce The Federal Government, Nigerian Communications Commission (NCC) and telecom operators on Tuesday renewed calls for urgent collaboration to close the skill gaps threatening the future of Nigeria’s telecom industry. The call was made at the Stakeholders’ Consultative Forum on Skill Gaps in the Telecoms Value Chain held in Lagos on Tuesday The Executive Vice-Chairman of NCC, Dr Aminu Maida, who was represented by Mr Edoyemi Ogoh, Director, Technical Standards and Network Integrity, said the shortage of indigenous talent had become one of the most pressing challenges facing the sector. Maida said that…

Afreximbank Launches ATDC to Promote Large Scale Trade in Value-Added Goods African Export-Import Bank (Afreximbank) has today launched the African Trade and Distribution Company (ATDC) to catalyse large-scale trade in raw materials, minerals and value-added products from across Africa. Afreximbank, through the Fund for Export Development in Africa (FEDA), established ATDC in collaboration with Arise Integrated Industrial Platforms (Arise IIP), Equitane DMCC and the African Continental Free Trade Area (AfCFTA) Secretariat, according to a statement. The new entity has already secured a US$1 billion funding pledge from Afreximbank to invest in aggregation of value-added goods, support logistics and distribution networks,…